|Milestone’s partners have successfully invested through multiple economic cycles and diverse market conditions. Together they possess over 90 years of investing experience at prominent firms including Apax Partners (Patricof), Allstate Insurance, Bessemer Venture Partners, Callier Interests, Lambda Funds (Drexel, Burnham, Lambert) and ArrowPath Ventures. Collectively, the team has invested in over 200 private companies, resulting in over 30 IPOs and numerous profitable M&A exits. In addition, the firm possesses significant operating experience in sales, marketing, business development, and business process consulting.
Richard J. Dumler|
Richard Dumler joined Milestone Venture Partners in January 2002 following 34 years in the venture capital industry. He is actively involved in all of Milestone’s investment decisions. He represented MVP on the boards of directors of Premise and CareGain until each company was profitably sold to Eclipsys Corp. (Nasdaq: ECLP) and Fiserv, Inc. (Nasdaq: FISV), respectively. He supervises Milestone's investment in: Advanced Dx, eHealth Technologies, EnerTrac, dLife, Knovel (successfully sold to Elsevier, Inc. in December 2012), and Navtrak (successfully sold to Telogis, Inc. in July 2012). His prior investment experience is particularly helpful in sharing insights learned from other start-ups about key marketing, operational, financial and technology decisions.
Prior to joining Milestone, Mr. Dumler served for 20 years as a general partner of the Lambda Funds, which were outside investor venture capital partnerships originally sponsored by the investment-banking firm Drexel Burnham Lambert. Although Lambda invested nationally in a wide range of businesses, Mr. Dumler focused primarily on early-stage technology companies. Lambda had a number of notable successes, such as the leveraged buyout and subsequent IPO of Sungard Data Systems; follow-on investments in Kronos (Nasdaq: KRON]; and the purchase of Environetics out of bankruptcy, which later resulted in a high-multiple sale to IDEXX Laboratories, Inc. (Nasdaq:IDXX).
Before working with Lambda, Mr. Dumler was with Bessemer Venture Partners, which he joined as the third partner. While at Bessemer, Mr. Dumler made multiple successful technology-related investments including equity placements in Kronos, Syntrex, Micro Peripherals, and Compumotor, all of which went public or were profitably acquired. Kronos, which is now the nation’s leading provider of time and attendance software, possesses a market capitalization in excess of $1billion, and the distinction for producing more consecutive years of revenue growth and profitability than any other publicly traded software firm besides Microsoft. Mr. Dumler has been a Kronos director for 25 years.
Mr. Dumler entered the venture capital business at the Allstate Insurance Company in 1968. At the time, Allstate was the largest provider of venture capital in America. Mr. Dumler made a number of successful investments in the areas of new media and technology. These investments included Actmedia, ADVO (NYSE: AD), Amdahl, Applicon, Baron Data Systems, and Four Phase Systems - each of which experienced a profitable IPO and/or were acquired at a significantly higher valuation.
Mr. Dumler responded to the extraordinarily challenging economic environment of the 1970’s by developing capital efficient investment strategies. For example, he purchased for Allstate a 20% share in ADVO (at the time, a failed buyout of KKR) for $200,000 plus a $250,000 bank guarantee. He also bought approximately 12% of Actmedia, the pioneer of in-store supermarket advertising now owned by News Corp., for $500,000. Both companies are now billion dollar businesses. In 1978, Mr. Dumler was promoted to the newly formed Corporate Planning Department at Allstate’s then parent, Sears Roebuck.
Mr. Dumler received a BA from Georgetown in 1964 and an MBA from the University of Michigan in 1968.
Edwin A. Goodman
Mr. Goodman co-founded Milestone Venture Partners in 1999, as he was energized by the opportunities he saw being created by the Internet in the New York metropolitan area. He currently sits on the board of SkillSurvey, Inc. He supervises MVP II’s investment in Medidata Solutions, Inc. (Nasdaq: MDSO) and ExpertPlan, Inc. (successfully sold to Ascensus, Inc. in December 2012) and MVP III’s investment in M5 Networks (successfully sold to ShoreTel, Inc. in March 2012).
Prior to founding Milestone, Mr. Goodman was with the U.S. office of Hambros, a London-based merchant bank. He joined the firm in 1981 and supervised the growth of the business from $5 million of paid-in-capital to $150 million. The Hambros venture team invested in more than 100 companies in a wide variety of businesses, including computer hardware, software, healthcare, retailing, waste disposal and traditional manufacturing businesses. Some of the more visible successes that became public companies or were profitably sold include Allied Waste (NYSE: AW), Corporate Software, Komag (Nasdaq:KOMG), PCA International, Petsmart, Inc (Nasdaq: PETM), RASNA Corporation, Solectron Corporation (NYSE: SLR), Staples (Nasdaq: SPLS), Telematics, and Veeco Instruments (Nasdaq: VECO).
Prior to Hambros, Mr. Goodman worked at Patricof & Co. (now Apax Partners), which he joined in 1974 as its third employee. During his seven years with the organization, he participated in all aspects of the business. The most prominent of its investments was a $250,000 commitment to the final private financing round raised by Apple Computer in the summer of 1977.
From 1970 through 1973, Mr. Goodman managed WBAI FM, an educationally licensed, listener-sponsored FM radio station in NYC. Before managing WBAI, Mr. Goodman joined the Bedford Stuyvesant Development & Services Corporation in Brooklyn, NY in 1967 and became its co-chief executive. The group made SBA-guaranteed loans to dozens of small businesses to encourage entrepreneurship and job creation.
Mr. Goodman started his business career by joining his family’s high-fashion retailing business, Bergdorf Goodman, in New York City. He spent five years with the firm and worked with his father on the sale of the business to Carter Hawley Hale Stores, a New York Stock Exchange company, in 1972. The Goodman family retains ownership of the land and building.
In addition to these venture capital responsibilities, Mr. Goodman is a former board chair and a current life trustee of the Board of the Choate Rosemary Hall School and is Chairman of the Board of FIT (The Fashion Institute of Technology), an 11,000-student college within the State University of New York system. Mr. Goodman is also a founding director of Donors Choose (www.donorschoose.org).
Mr. Goodman holds a BA in English literature from Yale College in 1962 and an MS from Columbia University Business School in 1979, and served in the U.S. Marine Corps Reserve.
Todd T. Pietri
Mr. Pietri co-founded Milestone Venture Partners with Ed Goodman in October 1999. He brings operating and investment experience to its management. Since launching MVP II in 2001, Mr. Pietri has developed expertise and relationships in the financial services IT, pharmaceutical IT, healthcare media, marketing services and outsourced business service sectors. Mr. Pietri is responsible for thirteen Milestone investments: BizBash Media, Derivatives Portfolio Management (successfully sold to Mellon Financial in February 2005), Octagon Research Solutions (successfully sold to Accenture Inc. in August 2012), GenomeQuest, Oddcast, SmartAnalyst, MedPage Today (successfully sold to Everyday Health in December 2010), MDX Medical ("Vitals"), Peridrome , TargetSpot, BA-Insight, Halfpenny Technologies and MapMyFitness.
His earlier financial experience includes co-heading the Technology and Communications Investment Banking Group at Legacy Securities, where he performed a broad range of capital raising, M&A and other financial advisory services. Mr. Pietri was also a member of Legacy’s direct investment team, which provided mezzanine and growth equity through its affiliate, Legacy Capital Partners. Mr. Pietri also has control investment experience, having worked as an Associate at Callier Interests, a turn-around LBO firm focused on middle market industrial distributors and manufacturers.
Mr. Pietri’s operating experience spans direct sales, sales management, channel management, business development and business process consulting. From 1992 to 1997, he ran IT consulting and direct sales for CompuSystems, an Atlanta-based ERP software and services firm focused on industrial distributors and manufacturers. He and his team provided solutions for inventory control, order processing, and financial reporting. Prior to his tenure at CompuSystems, Mr. Pietri worked in the voice processing software industry for Innovative Technology, Call Response Automation and his own consulting firm.
Mr. Pietri received his BA (cum laude) in English from Duke University in 1989. While working full-time for CompuSystems, Mr. Pietri earned his MBA from the two year Executive MBA Program at the Robinson School of Business at Georgia State University in 1997, graduating first in his class. He is also CFA charterholder and graduate of the Venture Capital Institute Graduate Program.
Mr. Pietri currently serves as a director of GenomeQuest, SmartAnalyst, MedPageToday, MDX Medical ("Vitals"), Peridrome, BA-Insight, Halfpenny Technologies and BizBash Media. He is a regular guest lecturer on venture capital at The Johnson School, Cornell University’s MBA program. He is also an advisory board member of NYC Seed, a public and private joint venture which provides capital and support to NYC-based seed stage entrepreneurs.
F. Morgan Rodd, Jr.
Mr. Rodd brings over 18 years of experience advising and building information technology companies as an investor, investment banker and corporate development executive. Mr. Rodd joined Milestone in January of 2009 and has 10 years of venture capital investment experience, both in Silicon Valley and the East Coast. He serves on the boards of Collections Marketing Center, IntegriChain, FieldView Solutions, Kindling, Identropy, Grovo Learning and Stray Boots. Mr. Rodd is currently a consultant for the Department of Defense as part of the DoD’s Defense Venture Catalyst Initiative (DeVenCI) program, which is designed to increase the DoD’s awareness of emerging commercial technologies that may be relevant to the objectives of the DoD and other Federal agencies. Mr. Rodd represents Milestone in these endeavors.
Prior to joining Milestone, Mr. Rodd was a Co-Managing Partner of ArrowPath Venture Partners, a $210 million early-stage venture fund sponsored by E*TRADE Group, Inc., and subsequently spun-out as an independent firm in 2003. While at ArrowPath, Mr. Rodd focused on investments in application and infrastructure software, with an emphasis on security, storage, data management, Open Source and technology-enabled business services. Some of his successful investments include Bridgestream (acquired by Oracle in 2007), Immunix (acquired by Novell in 2005), NetSec (acquired by Verizon in 2005), Sanera (acquired by McDATA in 2003), and Security Focus (acquired by Symantec in 2002). In addition, Mr. Rodd also led investments in Siperian, TriCipher and Xceedium.
Prior to joining ArrowPath, Mr. Rodd was Vice President of New Ventures for E*TRADE Group, Inc., where he led a six-person team that focused on making venture investments and analyzing strategic acquisition and divestiture opportunities. While at E*TRADE, Mr. Rodd participated in senior management discussions regarding strategic growth initiatives and new business planning. Mr. Rodd also worked closely with the company’s IT group in assessing new technology vendors and strategic technology partners.
Previously, Mr. Rodd was vice president of business development and Chief Financial Officer of Urbanite, Inc., a venture-backed Internet software company based in Silicon Valley. While at Urbanite, he established the company’s business planning, financial, and accounting processes and controls. Working with the CEO, he raised $12 million in venture funding and bank debt to fund the company’s growth. Under his leadership, the company executed business development partnerships with major Internet portals worth over $2 million in annual revenue.
Mr. Rodd was also a Principal at Volpe Brown Whelan & Company, a boutique investment bank serving emerging companies in the healthcare and technology industries. At Volpe, Mr. Rodd was a senior banker in the healthcare investment banking group and co-head of the firm’s healthcare technology investment banking group. While at Volpe, Mr. Rodd provided capital raising and strategic M&A advice to numerous clients, helping to create and grow substantial shareholder value.
Mr. Rodd started his business career as an investment banker in the technology group of Alex. Brown & Sons in Baltimore where he worked on IPOs, follow-on equity offers and M&A transactions. Before entering the business world, Mr. Rodd taught English in Japan and history at the Belmont Hill School in Belmont, MA.
Mr. Rodd holds a Masters of Business Administration from the Wharton School of the University of Pennsylvania. He also holds a Bachelor of Arts in History from Wesleyan University. Mr. Rodd is an active fundraiser for St. Paul’s School in Concord, NH.
Ms. Ashterman-Reece joined Milestone in March 2001. She is responsible for Milestone’s day-to-day operations, including executive support and investor relations. Prior to joining Milestone, Ms. Ashterman-Reece worked at Morgan Stanley as a Registered Sales Assistant. Prior to Morgan Stanley, she held several positions over 10 years in the New York office of cable operator, Tele-Communications Inc.